Walter support grows in NAB board battle

National Australia Bank's board is heading closer to dissolution as more fund managers indicate they believe all of the bank's directors should be replaced. And dissident director Catherine Walter is emerging with increased support from prominent fund managers and brokers; privately some are claiming she is being made a scapegoat. One broker said he thought it was time NAB's “old boy network” board should go. Corporate Governance International also attacked the board, stating NAB was wrong to appoint PricewaterhouseCoopers to conduct the internal inquiry into the bank's $360 million in forex options trading. CGI director Sandy Easterbrook said PWC had been appointed by the same directors who could have prevented the scandal. However, the Australian Shareholders' Association said it has not yet decided how it will vote at the EGM to be held to decide the board's fate.

Advertisement